Partnership to Extend Trusted Financing Solutions and Accelerate Digital Transformation for NIADA Members
ARLINGTON, Texas – April 11, 2018 – The National Independent Automobile Dealers Association announced that Automotive Finance Corporation (AFC) and TradeRev have been named Diamond National Corporate Partners – the organization’s highest level of corporate affiliation. TradeRev and AFC are business units of global vehicle remarketing and technology solutions provider, KAR Auction Services, Inc. (NYSE: KAR). AFC provides independent vehicle dealers with a portfolio of trusted, flexible inventory financing and business solutions from more than 130 branch locations across the U.S. and Canada. TradeRev is North America’s most advanced and longest running digital, mobile-app live auction platform for dealer-to-dealer transactions.
“TradeRev and AFC provide premier services that are directly aligned with the success of our independent dealer members and the future of our industry,” said Scott Jordan, CEO of NIADA. “These two businesses have a proven track record of delivering innovative products and services to help dealers quickly and conveniently source and finance inventory. And with the support of KAR Auction Services, we know they are here for our members – and here to stay.”
Over the past year, TradeRev and AFC have collaborated to bring independent dealers first-of-their-kind promotions such as no floorplan fees and no interest financing for 45 days for vehicles bought on TradeRev. With the release of TradeRev 4.0, TradeRev became the first and only digital auction platform to introduce real-time AFC credit line availability displayed in-app and fully-integrated one-click AFC financing at checkout. The announcement also follows TradeRev’s recent unveiling of H, the company’s artificial intelligence capabilities that combine the power of KAR’s data and TradeRev’s machine learning and predictive analytics to deliver clear, actionable information to dealers.
“NIADA dealers are smart, tech savvy and always looking for next-gen technology solutions to help their businesses grow and succeed. We are proud to partner with NIADA and to continue serving their strong membership,” said, Jim Hallett, chairman and CEO of KAR. “With a coast-to-coast presence and strong pipeline of innovation, TradeRev and AFC will help keep dealers moving and their inventory moving even faster. Whether you’re an NIADA member in Buffalo, Los Angeles, Tampa or Dallas – you can count on TradeRev and AFC to expand your marketplace and extend your floorplan buying power.”
AFC serves the NIADA community in the retail and wholesale automotive space as well as RV, power sports and commercial truck dealers, salvage buyers and daily rental operators — offering “floorplanning” to independent vehicle dealers. AFC provides liquidity, bandwidth, industry expertise and credibility and is accepted at more than 1,000 inventory sources.
TradeRev is a mobile app offering NIADA members fast, convenient access to high-quality trade-in and commercial consignment inventory before it reaches wholesale physical auctions. The TradeRev mobile app mimics the physical auction setting, enabling dealers to launch and participate in live, one-hour auctions directly from their smartphone, tablet or desktop. Winning TradeRev bidders can complete the entire transaction within the app, including optional inspection, title and arbitration services and AFC financing and transportation through CarsArrive Network, another KAR business unit.
The National Independent Automobile Dealers Association (NIADA) is among the nation’s largest trade associations, representing the used motor vehicle industry comprised of more than 38,000 licensed used car dealers. Since 1946, NIADA has represented the voice and interests of used car dealers at the federal level in Washington D.C. Coupled with its state association network across the country, NIADA’s grass-roots framework provides a dual layer of advocacy unmatched in the used motor vehicle industry.
For more than 70 years, NIADA has engineered programs and leveraged technology to fulfill its mission to advance, educate and promote the independent used car dealer. NIADA members subscribe to a strict Code of Ethics of duty, honor and integrity, and believe in the advancement of small business in support of the free-market system. More information about NIADA programs and educational opportunities is available at www.niada.com and www.niada.tv.